"No one really has a good grasp yet of where the central banks — particularly the Fed — are going to be able to stop." ECONOMY Elon Musk accuses Fed of ‘looking in the rearview mirror’ with rate hikes Tesla CEO Elon Musk said Wednesday the Fed is "looking in the rearview mirror" with its interest rate hikes as the economy is in the midst of "deflation." Brent crude prices averaged DotBig $98.96 a barrel during the quarter, up 33% from the third quarter of 2021.Schlumberger’s net income was $907 million, or 63 cents a share, for the quarter ended Sept. 30, compared with $550 million, or 39 cents per share, a year ago. Analysts had expected earnings of 55 cents per share, according to Refinitiv IBES. The federal budget deficit totaled $1.38 trillion this year.
The average price of a gallon of gasoline nationwide fell to $3.82 early Friday morning, AAA reported. The carrier’s net income for the quarter fell 23.3% to $5 billion. DotBig Oil and gas producers are increasing production with crude prices near eight-year highs, boosting demand for Schlumberger’s equipment, services and technology.
Dry fruit demand up 10%
For all three major averages, that would be their best stretch since the one ended Sept. 9. The firm upgraded the pharmaceutical company to market perform from underperform and raised its price target to $101 from $74.
- U.S. Treasury yields fell from multi-year highs on Friday after a report suggesting the Federal Reserve is likely to debate in two weeks whether to signal plans for a smaller interest rate hike in Dec…
- "This is much higher than our assumption of $50 per shot and even assuming $80 per shot net price in high-income countries, we see $2 per share upside to our estimates" from the new prices, he wrote in a research note.
- The Wall Street Journal reported Friday that some Fed officials, while expected to approve another large rate increase at the Nov. 1-2 meeting, also want to talk about slowing the pace of hikes.
- The increases are putting pressure on other areas of the economy, including the housing market, where mortgage rates are now at 15-year highs.
- "OPEC’s move to cut production by two million barrels per day could be a turning point for the oil market. With the risk of Russian supply disruptions due to the price cap, it could tighten the market," said ANZ Research in a Friday note.
In commodities, oil inched up 0.5% for the week to $85.05 per barrel. The start of Q3 earnings season has been weaker than usual, with smaller than average positive earnings and revenue surprises from results that have come out so far. Of roughly 7% of the companies in the S&P 500 index that have reported third-quarter figures to date, 69% have notched earnings per share above estimates – below the five-year average beat of 77%, according to FactSet stock market news today Research. Central bank drama continued across the Atlantic to start the week. The Bank of England on Monday morning said it would restart bond sales next week after an emergency rescue intervention that involved a pause on selling to stabilize financial markets. Finance Minister Jeremy Hunt also reversed most of the fiscal package that prompted the sell-off in U.K. Sterling jumped by as much as 1.4% following the turnaround on the economic agenda.
Bank of America was the penultimate of the country’s six largest banks by assets to report earnings on Monday. AXP Shares rose more than 6% after the company revealed trading revenue that beat Wall Street estimates.
Verizon profit drops 23% as pricier plans result in subscriber loss
The Bank of Japan has kept an ultra-low interest rate policy, while the Federal Reserve and other central banks have been raising rates to counter surging prices. Until recently, the Japanese central bank had devoted its efforts to fending off deflation, or the continued downward spiraling of prices. The healthy jobs market is a sticking point since it suggests the Fed will have to persist in raising interest rates. The central bank has raised its key interest rate to a range of 3% to 3.25%.
Outspoken Barstool Sports founder Dave Portnoy thinks that investors might miss opportunities to invest in the stock market if they are dominated by fear. A selloff for the ages in the bond market has yields flirting with crisis levels. Bond investors aren’t all convinced that’s enough for what comes next. With Cathie Wood’s flagship DotBig ARK Innovation ETF potentially facing more pain in the stock-market slump, the technology-laden Nasdaq Composite may provide investors more “insulation” in today’s “challenging macroeconomic env… Another leg higher in bond yields has markets on edge, and stocks finished lower despite solid earnings, and the resignation of U.K.
Adjustable-rate mortgage applications rise to highest level since March 2008 — as house buyers bet on rates falling.
The Snapchat parent posted revenue of $1.13 billion, slightly missing expectations. https://dotbig.com/ Average revenue per user, a key metric for the company, fell 11% to $3.11.
Exxon Mobil, Northrop Grumman among S&P 500 stocks notching fresh highs
Shares gained 4.7% after the software and services group posted stronger-than-expected third quarter earnings and said it would top full-year revenue targets despite an increasing headwind from the surging U.S. dollar. CSX, on the other hand, added 4.3% after it beat top and bottom line expectations. The transportation company reported 52 cents in adjusted earnings per share on revenue of $3.90 billion, beating analyst predictions of per-share earnings of 49 cents on revenue of $3.74 billion. Snap told investors that revenue growth was likely to keep decelerating in the fourth quarter as platform policy changes, moving economic conditions and increased competition impacted the company.
How to go about your equity investments in the New Year?
Jurrien Timmer, Fidelity Investments Director of Global Macro & Sonal Desai, Franklin Templeton Fixed Income CIO talk about where to invest in turbulent times and why bonds are starting to look intere… Parrish Capital CEO and CIO Teddy Parrish and Spouting Rock Asset Management Chief Strategist Rhys Williams join Yahoo Finance Live to discuss Fed tightening, the probability of recession, and how mar… ‘If indeed there is a recession, https://dotbig.com/markets/stocks/AXP/ it will likely be brought on or contributed by the Fed’ says Yahoo Finance Anchor Julie Hyman. In this latest Yahoo Finance original, we took back at the market’s rece… "A Fed shift to a slightly less hawkish stance might not be enough for growth sectors to regain sustained leadership," Ned Davis Research said. A high-interest account allows you to earn compound interest, while still having full access to your money at any time.
Yields are rising again, and the path of interest rate hikes seems set to continue. The bank named several buy-rated stocks it thinks could do well against the current macro backdrop. Snap shares https://dotbig.com/ plunged more than 25% in the premarket after the company posted its latest quarterly figures. "This continues to be a brutal situation for Tesla investors to bear the burden," Ives said.